The reorganization of Zotye Automobile, which has been going through for a long time, finally ushered in substantial progress today.Tonight, Zotye Automobile Co., Ltd. issued an announcement stating: On September 28, 2021, under the supervision and witness of Jinhua Intermediate People’s Court and Yongkang Court, the reorganization investor review committee conducted an on-site review of the intentional reorganization investors.
On September 30, 2021, according to the results of the review and voting, it was finally determined that Jiangsu Shenshang Holding Group Co., Ltd. (hereinafter referred to as “Jiangsu Shenshang”) as the company’s reorganization investor, Shanghai Tiqi Automobile Technology Partnership (Limited Partnership), Hunan Zhibo Zhiche Equity Investment Partnership (Limited Partnership) serves as the company’s subsequent candidate restructuring investor.
On the same day, the company and its managers signed the “Zhongtai Automobile Co., Ltd. Restructuring Investment Agreement” with Jiangsu Shenzhen Commercial, with a restructuring investment of 2 billion yuan.Jiangsu Shenzhen Commercial Bank sent 550 million yuan to the designated account on the same day as the performance deposit (the registration deposit of 50 million yuan paid in the previous period was automatically transferred in).
The remaining 1.45 billion yuan of restructuring investment funds should be paid by October 25, 2021 according to the agreement. The 2 billion yuan in full will be used as a prerequisite for Zotye Automobile and its managers to submit a draft reorganization plan with Jiangsu Shenshang as the reorganization investor to the court and creditors meeting.
After the reorganization investor is determined, the company and the manager will combine the progress of the reorganization work to speed up the negotiation and communication with the reorganization investors, creditors and other stakeholders, and quickly advance the reorganization work.
With the participation of Jiangsu Shenshang Holdings in the reorganization, the other two companies will also withdraw. However, it is worth mentioning that in the first half of this year, Zotye Auto was close to a crazy stock price.
*ST Zhongtai’s stock price has soared from 1.14 yuan at the beginning of the year to 6 yuan today, with a rise of more than 700% during the year and an increase in market value of more than 10 billion yuan.As of September 2021, the total number of shareholders of *ST Zotye is 65,000. A rough estimate is that the average profit per capita is 150,000.
It is understood that Jiangsu Shenshang is a large-scale private enterprise jointly invested by 79 Shenzhen key private enterprises. It is mainly engaged in large-scale project investment and high-tech development and production, as well as expanding the financial industry and real estate development.
The legal representative of Jiangsu Shenshang is Huang Jihong.In 2019, he successfully managed the reorganization of Pangda Group and became an intentional investor in the reorganization of Pangda Group. Later, Pang Qinghua, the chairman of the Pangda Group, transferred its shares and withdrew from Pangda Group, and Huang Jihong became the actual controller of the Pangda Group.
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